Age 60 and No Retirement Savings - What You ABSOLUTELY Must Do NOW

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Completely broke at age 60? This video discusses what to do if you are 60 years old and have no retirement savings. It discusses the easiest way to reduce costs and increase income so that you can build a small nest egg now and generate additional income in retirement.
Over 50% of people entering retirement have less than $5000 to their name. This staggering statistic means that we are facing a national emergency that Social Security wasn't designed to fix. This video will help show the way.
Links Mentioned in This Video:
Upwork - www.upwork.com/
Fiverr - www.fiverr.com/start_selling
uDemy - www.udemy.com/
Important Links:
Free "Retirement Ready" Checklist:
holyschmidt.com/checklist/
Federal Reserve Board Survey of Consumer Finances:
www.federalreserve.gov/econre...
Social Security Administration Application for Benefits
secure.ssa.gov/iClaim/rib
Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/benefits/retireme...
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

Опубликовано:

10 апр 2021

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Комментарии : 1,3 тыс.

@Eileen49654 8 месяцев назад

Theres still hope for everyone. My husband and I woke up at me 50 him 54 We had no retirement, no savings, and have always worked hard labor self-employed jobs For thd past 7 yrs we turned our house into a rental, bought a tax foreclosed house from city for 1,300 Slept on the floor of the boarded up house. No water, no electricity, slowly fixed it up over 7 yrs We now live in that mortgage free house. Selling our main one. Will bank the money Still work part-time husband will colkect ss in 4 months Trick is we paid off all debt in the 7 years. We have none All this B.S. that you need a half mil to retire is a joke. We live comfortably on 1,500 per month

@ToOpen6seven 2 месяца назад

Your story is inspiring, good work and I may need to use your example soon.

@skibum6422 3 года назад

I tell people that money won't buy you happiness but the lack of and mismanagement of money will buy you a ton of sorrow.

@NandaGopi.M 3 года назад

I'm d 100th person to like ur comment ❤️🙏👍

@ler5299 3 года назад

For real

@milliesecond102 3 года назад

100% TRUE!

@fearless7424 3 года назад

How true. I tell people trust in Jesus he will take care of you he has me been out of work for 5 months now. Oh yea and Iam 58.

@curtissharris8914 2 года назад

I overheard two very old ladies in mobility carts at the grocery store a while back. One said to the other, the only thing worse than being old is being, broke and old.

@joycegonzales4994 3 года назад

We’re 73: and we both work part time. But our biggest help is that our home is paid off, and no credit card or other debt.

@Pooty_With_A_Fat_Booty 3 года назад

👍a lot of people want to be you guys when their 40.

@joycegonzales4994 3 года назад

Yes, but we weren’t in that financial situation in our 40’s. Would have been nice, but didn’t happen then,

@ajbee4790 3 года назад

Great that your house is paid off! Are the jobs necessary to make ends meet?

@joycegonzales4994 3 года назад

Truly I’m not sure if they’re necessary, the jobs, or if it’s just a security measure so we don’t have to use more of our savings. Then save them for when one of us is gone, or we really can’t work anymore. We still have tons of time to do what we want.

@debbieframpton3857 3 года назад

I'm glad you still feel you are capable of working I'm 67 I worked full-time for 20 years after my divorce and part-time one year last working May 2020 I get no pension but I am drawing Social Security I had thought about working part-time longer than the year that I did because I was saving what I made working that year but I finally decided it wasn't worth it I also have my home paid for and no debt. In the 20 years that I worked I did build up a small 401k and Roth IRA I am careful with by spending and I'm hoping to never have to go back to work. My ex-employer asked last week if I wanted to come back to work part-time I said no. So I'm glad you're capable and still want to work

@bayareagrl4ever526 2 года назад

Some of us have been forced into retirement. I lost my job in 2020 and have not been offered a job yet. College degrees, long work history but there is age discrimination out there. Unemployment has ended so I have no choice but to apply for social security. In a perfect world you can plan, but that doesn’t always work out.

@ninettehalpin2779 2 года назад

I'm so sorry you're still unemployed. May 2022 bring you a good job where you're fully appreciated including your age.

@adithalee8660 2 года назад

That's why most of us can't save money because they're forcibly forcing people out of work or they're firing people over silly stuff etc. You can't save if companies are doing this and what makes it worse is that most of the X generation's jobs were sent overseas and we were not able during that time to save much money and in between jobs you use the savings to survive because there were no real jobs to survive.

@wontbefooledagain9400 2 года назад

@@adithalee8660 amen , so true I’m 57 and let me tell you, it’s not from lack of working hard or trying hard. I don’t buy nothing unless I need it. But here we are!

@laurasharp9488 2 года назад

This is what advisors like Dave Ramsey and Suze Orman don't understand even though this happens to alot of people.They say stay in the workforce until you are 70 but the workforce wants you out by age 50

@thisismagacountry1318 2 года назад

Keith Kalfas videos have helped me. Hustle some window cleaning or light landscape accounts with small businesses and residential customers.

@carolynmgln2574 3 года назад

Another very critical piece along with this advice, is to take the very best care of your health NOW while you can. If you are not healthy and are able to live independently, cannot do much. So exercise, consistently even if it is committing to simply walking daily, getting adequate sleep, manage stress, eat healthy diet etc.

@annjean8709 3 года назад

Absolutely!

@fernewalden805 3 года назад

I totally agree, you wouldn't want to spend what money you do have on medications.

@muyiwaosifuye2231 3 года назад

Very true. The health factor from 60+ Exercise ...

@stantheman260 3 года назад

Great advice...

@neadster469 3 года назад

1000000000 x like button around anywhere? I could have wrote these exact words i sure as heck been saying the exact thing for a while now...movement aka walking has changed my life...2 hours a day.....r u sure your not in my head ? :)

@anomie1040 2 года назад

I am the person you are talking about. I just turned 60 been working in construction my whole life so no 401 k no savings and unfortunately been working from pay check to pay check. This video was absolutely no help at all, I know I got myself into this and was grasping at straws thinking you had a way out. All this did was confirm what I already knew, I will be working till the day I die, probably on the job site. Always kept waiting for that great job to come along that never did.

@marsylwarren7331 Год назад

Yep. Pretty much.

@MsPearl_ 8 месяцев назад

Dont give up.

@TheBrucepix 8 месяцев назад

Me too, but I don’t care, work and life go hand in hand. Retirement is overrated!

@happycook6737 5 месяцев назад

Try to get a job working for your state, schools, etc. That comes with state retirement. Check how many years it takes to be vested.

@sammencia7945 3 месяца назад

Get out of debt, collect SSA at 62, sell it all, move to Mexico.

@x2highx 3 года назад

I got a saying “I want what i Need, I don’t necessarily need what I want” & that saves me a lot of money. The End

@HolySchmidt 3 года назад

excellent.

@jomama55ful 3 года назад

Exactly my point.

@austintomkewitz7206 3 года назад

I just simply look at debt as something that I don't deserve if I have to go into debt what I'm going into debt for is something I don't deserve plain and simple

@thegreenerthemeaner 2 года назад

Wants are wishes. Needs are necessities. That simple.

@pagosabob10 Месяц назад

Yep want's and needs are important to break apart. I don't need a BMW, I need a Honda! :-) Now it's 19 years old.

@bb001a 3 года назад

I'm 54 I bought a cheap furniture removal truck. If you are still healthy you can get paid to work out and stay fit. A lot of people need to move their stuff cheaply and just need a guy with a clean truck and some basics like trolley, straps and blankets. Lots of apps to get work and hand out your number on a business card sized refrigerator magnet (it's in their face every day then) to customers for recommendations to friends and repeat business. Opportunity to specialize in one or two niche areas. I move a lot of spas myself.

@pagosabob10 Месяц назад

You were being creative! Good for you! :-)

@denisestathatos4147 3 года назад

Bring back home economics and basic personal business classes to the curriculum. in high school!

@carolginsberg7741 3 года назад

Also history geography and financials

@denisestathatos4147 3 года назад

@@carolginsberg7741 That too! The reason why I chose Home Economics and Business and because so many folks don't know how to cook, sew(mend), or balance a check book. They spend money on restaurant food and then wonder why they are in debt!

@fanllawf 3 года назад

I teach both to my kids. I taught them to cook. I taught them to bake. I also taught them to invest, and to put money in 401k. Most importantly, I taught them personal finance.

@fanllawf 3 года назад

@Tony Po It's not the arithmetic that's hard, it's the discipline that is.

@nunyabidniz2868 3 года назад

Right after a return to a requirement of passing Civics class to graduate! NO MORE U.S. CITIZENS WHO THINK THE BILL OF RIGHTS ARE OPTIONAL! Do you *read me* 'President Potatohead' Biden?

@amyyates8273 2 года назад

I love how you speak to everyone, paupers and millionaires alike, with the utmost respect. Your strategies for those who will live on social security only are so timely and needed.

@Eugenetra7 8 месяцев назад

And in many developed countries you don't have even that option. Just a miserable end of miserable life.

@williamj.dovejr.8613 8 месяцев назад

52 now, I was constantly fighting with my ex spouse on investing, saving, vesting, and stock options on the job...she thought stock options/ stock market was too risky...she didn't see any point in having a savings account ( her words, not mine ), she didn't want to work extra hours for the money/ things she wanted. When the divorce was over, I started doing all the things for saving and investing I always wanted, still learning and I am determined to have the best retirement I can.

@Dancing_Alone_wRentals 2 года назад

I believe that if three, four, five etc 60 year olds combine their efforts and work together they could reduce their expenses greatly. As an invaluable bonus they would offer each other the support of a team.

@Eileen49654 8 месяцев назад

Agree

@Nancy-wv7ot Месяц назад

Im all about that way of thinking!!

@JZ-tg1cm 2 года назад

So let me get this straight... Double down on work to start a second carrier, retire from the first carrier at 70, but never stop working on the second one. Downsize your lifestyle by 40%ish immediately. So, live in a van, shower at a gym, and work 60+ hours a week so you can leave the country at 70. This doesn't sound like a solution, this sounds like a failed economic system that will never let you retire or be secure. This is soul crushing advice.

@curtissharris8914 2 года назад

Well what's your advice?

@stonecold7875 2 года назад

I was forced to start taking my social security at age 67 because lost my job. I'm now back in the job market working a full time and part time job. I lucky in that I got my health back in order and can maintain such a schedule until maybe l am 80 years old. The new reality is retirement the way we taught is thing of the past for people.

@justmyopinion9883 2 года назад

If you are not in good physical condition, you won't be able to work until you're 65 years old, let alone 70 years old. I'm going to offer MY advice: Try to maintain a good relationship with your kids and other family members. You never know when you may need them to help you buy food, pay utilities, etc. God bless you all.

@sonychiba4733 2 года назад

Begin to develop deep connections with individuals who share the same ideals and principles and see life as you do with no ego, and pull all your resources together for the betterment of the group for many of us this will be the only way to survive the coming years all for one and one for all🙏🤲♥️

@vitalityfox 2 года назад

I'm 23 right now but I am starting to do certain things that only people even think about when they are at least 45 and they have no savings because it disappears every time the bills are paid. What I am going to do is get a travel trailer and a motorcycle, go to South Dakota rent a single night in an RV park go to the DMV and get my driver's license and become a South Dakota resident. After I do this I will set up a private PO box for 15 a month so I can continue to pay taxes, essential bills like car insurance and whatnot without having to pay any rent. I don't even need to live in South Dakota to do this either. I only need to go back there every 10 years to renew. I just need to find a place to park my camper where it won't be disturbed and drive my motorcycle to work and whatnot. I live in Texas but my rent is 8700 per year. This is so much money I could very easily save for things like when I'm 50 years old I'll have enough money to relax. Also my car insurance now is almost 5 grand a year because I'm young and had an accident a little while back but in South Dakota it will be less than 500 for everything a year. Why wait until you're 30 to start taking the steps to save money when you can do it while you're young?

@Kevin51611 3 года назад

My Highschool made Art a mandatory requirement for graduation. Guess what wasn't mandatory? Finance. There was a $30 fee for the Art class as well.

@kenyonbissett3512 3 года назад

Some things in life just don’t make sense. 🤦‍♀️

@jameslyons6655 3 года назад

Financial literacy is critical.

@kenyonbissett3512 3 года назад

@@jameslyons6655 I agree. My HS offered a financial literacy class under the home economics department. I found it depressing. I had no idea what I wanted to do or be. It felt impossible and hopeless. It feels like there are so many more options open to people now than then. Information is at your fingertips in the speed of light. As a married female, my husband and I agreed I would work until we had children. I worked as an insurance auditor. I went to one business and the owner told me I should be home with babies. I had no right to take the job from a man looking to support his family. I calmly explained that the man from last year still had his job but that the business had grown and I was hired to do what he couldn’t and that my husband wanted me to work until we had our first child. He grudgingly allowed me to do the audit, 🤷‍♀️ Who really helped me was Amy Dacyzyn of The Tightwad Gazette. She was my role model.

@richarddixon7855 3 года назад

Hi Kevin - as a retired K-12 Art teacher who taught 10,000 students over 36 years... all I can say is, you must have had lousy fine art experiences! That's a real shame. I consistently tried to incorporate real life experiences into my classes, many times focusing on conserving and taking care of the supplies, cost of and care for public school property/furniture and the overall "value" of your self, wealth and artistic creations. Please do not make negative generalizations about the lack of importance of "Art" in a child's education. It's very short-sighted. Additionally, in NJ (and, perhaps, nationally), "Financial Literacy" courses were mandated as a HS graduation requirement following the 2008-09 economic crisis. Thanks.

@kimberlydeschamp6300 3 года назад

Art, may come in handy one day, I hope you continued your practice. Currently undervalued in society, Art allowed you to see life they different lenses and protectives. It will become much more valued but society one day. Financial savvy is critical, no doubt, and the $30 for supplies was because assholes no longer fund such. The diminishing value of art in society..... Hell, some schools aren't even buying books anymore and children are no longer taught to write in cursive and can not even sign their own name on a contract now. Soon enuf we'll all sign "X". But Art, is the window to a brighter world. It lifts people. Regardless of what society claims is out isn't valuable, ART, compassion, appreciation of nature, natural resources, the ability to see the good in one another and to promote it,,, that is what's important in this journey. No doubt.

@lisabennett6167 3 года назад

I am 51 and trying to figure out how I am going to retire . I learned a lot by watching RU-vid videos about retirement and saving . I am grateful for the knowledge and advice from every video . Thank you for sharing your knowledge .

@ellisz5972 3 года назад

I'm in the same boat. I've made a great income, but also made every financial mistake possible in life. My divorce and remarriage wiped out what was left. Now I'm starting over at 51. Killing my debt now and hopefully, and I'm praying that I can do this, can kill debt and save for retirement by 70. I've made enough that I should have been retired by now. But seriously, starting all over again, now. Ouch.

@gregsmith6756 3 года назад

@@ellisz5972 at 51 both you and Lisa Bennett above have plenty of time to reach your goals. I'm 62 and wish I could be 51 again and still know what I know now.

@ellisz5972 3 года назад

@@gregsmith6756 Thank you for the encouragement. Looks bleak from my place, but I can only go forward.

@gregsmith6756 3 года назад

@@ellisz5972 naw man you're still young. Your mind is just now becoming developed enough to know what you want to do and to have the mental stamina to stick with it. Plus you have at least a good 20 years ahead to which you can save and are not likely to need to live off of the money, since people are remaining healthy longer it seems.

@ellisz5972 3 года назад

@@gregsmith6756 Thank you again. Means a lot

@Bettinasisrg 3 года назад

My mother was force retired at 86 years old! She's amazing.

@DistractedDaisy 3 года назад

My dad only retired at 89 because he passed on. He was amazing too!😍

@pagosabob10 Месяц назад

Yes, she must have been amazing! :-)

@Christensen554 8 месяцев назад

At 42, I've come to realize that money is a tool. I’ve worked so hard over the years to realize that if you don’t make money work for you, you can’t experience true freedom. I’m glad I found that out although it was later in life, but that marked the turning point in my finances.

@Novakissla 8 месяцев назад

I'm in my mid 30’s. Once I get paid, I begin to spend on irrelevant things. I work hard for my money, so I believe I can spend it on what I like. The older I get, the more my perspective shifts. I want to take my finances into consideration and put myself in order before it's too late. How are you doing it, Sir?

@Christensen554 8 месяцев назад

As I stated, I've been putting aside money into stocks and FX with the assistance of a pro financial analyst, Herman w Jonas, who is under a licensed broker. He has been the backbone of my portfolio. Making a substantial amount of profit, I just renew my investment at intervals.

@Pambegay 8 месяцев назад

Do not forget that when it comes to the stock market, prices can be erratic, rising and declining quickly, often in relation to companies' policies, which individual investors do not influence.

@Sithembile499 7 месяцев назад

As someone planning for retirement, Herman W Jonas has recommended a balanced stock portfolio that aligns with my risk tolerance and time horizon. His customized approach has yielded both growth and security.

@pagosabob10 Месяц назад

Fortunately you're only 42! Be happy you figured it out. :-)

@Raymondjohn2 Год назад

I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

@martingiavarini Год назад

I can’t focus on the long run when I should be retiring in 3years, you see I’ve got good companies in my portfolio and a good amount invested, but my profit has been stalling, does it mean this recession/unstable market doesn’t provide any calculated risk opportunities to make profit?

@lipglosskitten2610 Год назад

There are a lot of strategies to make tongue wetting profit especially in a down market, but such sophisticated trades can only be carried out by proper market experts

@hermanramos7092 Год назад

I agree, my profit has been consistent no matter the market situation, I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2020 this time with guidance from an investment adviser that was recommended by a popular economist on a subreddit, long story short, its been 2years now and I’ve gained over $850k following guidance from my investment adviser.

@martingiavarini Год назад

@@hermanramos7092 I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you?

@hermanramos7092 Год назад

@@martingiavarini All of this happened in less than a year after ‘Catherine Morrison Evans’ told me what to do. I started with less than $100,000, and now I'm about 17,000 short of having a quarter million dollars.

@jomama5186 3 года назад

Amen, and Thank you for doing this !!! Too many people are caught up in obtaining "things". Great video !

@hurryslow1 3 года назад

Thank you Jeff you are amazing. May your neighbourly love be blessed and you be rewarded a million times over.

@gdwlaw5549 8 месяцев назад

A divorce at 45 and meant we lost our properties and I had to pay 75.000 to my ex as she hadn’t worked for many years. Her lover moved into our home after divorce. I lived in a studio for 3 years. The payments over 8 years ends in one month. I have supported my three children during university. My daughter will qualify as an architect next year, one is studying fine art and my son is a graphic artist. I’m broke. I’m also quite happy. At 57 all my savings accounts have gone but I’m debt free. My state pension will just about enough to get by and my job is relatively safe. The expensive car has gone and my habits have changed. I cycle, play tennis. I expect some money later in life when my parents leave this world but what joy it is to have them around in their 80’s and still married. They’ve already helped me financially. I run a business with quite a large turnover. I could retire at 62, 65 or even later in the French system.

@pagosabob10 Месяц назад

Well, if she did have a lover, you could have avoid paying some? I don't know a never been there.

@gdwlaw5549 Месяц назад

@@pagosabob10 In French Law this makes no differencz at all. Don't marry in France....cheers

@efrensaclolo7021 3 года назад

I retired at 62 in 2016 and the same time collecting SS benefit that is $500 less than if l would have retired at 67 yrs old. I am enjoying it for 5 years now .I don't have to wake up at 5am and drive 55 miles to work.

@pagosabob10 Месяц назад

And more than a 1000 if could have waited 'til 70.

@lw3269 3 года назад

You can find ways to pare down your monthly living expenses. When things got tight in 2020, I got rid of cable ($90), half my newspaper ($25), useless home "security" ($40), half the amount of trash picked up ($60), buying lunch ($125) and take out coffee ($60). That's $400 in my pocket each month that I'm using for investments now.

@Oglulubell 3 года назад

Nice!

@misst.e.a.187 3 года назад

Excellent!

@maryeh4636 2 месяца назад

Not sure about giving up internet, as I would use it to job hunt, trainings for other work opps., entertainment options.

@lw3269 2 месяца назад

@@maryeh4636 No, I kept the internet. Just lost the cable, which is fine, as I never watch TV. Ended up canceling the rest of the newspaper, too!

@sallyclay1974 2 года назад

I worked for May CO, for 26 years. I worked in NY, Fla, and CT. My last retail job was at the Danbury Mall. I worked for Filenes, for 16 years. We went through a corporate takeover, and bankruptsy. That was in 2006. Federated Macy's took over, May COwent out, and no more FilenesI stretched my stock money, for about 8 years. Now I'm living on Social Security chicken feed entirely., like alot of others. I have housing, which helps. I was 59, when I threw in the towel. I'm glad I did, because malls r dead and online shopping has taken over.

@denniss3980 2 года назад

This seems to be a revolving door of people getting to 60 with no savings, and still, our schools teach no financial education

@johngill2853 Год назад

Even if they taught it in high school would it actually stuck with you? I had economics in college in my twenties and I really didn't learn a thing. The funny thing is I understand it more now as I get older but how did I get a "A" and I didn't even understand it. I look back and I was clueless(same goes with individual income tax class, I was absolutely clueless at the time and got a "B")

@Calventius 3 года назад

Bottom line up front. Became interesting at minute 3.32. Very important and pertinent info after that. Let' all move to Valencia, Spain!

@lisalinnae9844 6 месяцев назад

Thank you so much for this pod cast... Explains with logic, intelligence..a lost art today !!!!

@SM16 3 года назад

Thank you, I just found this channel today and subed. Great info. I love the name too.

@maureenwagg5305 2 года назад

I am totally over "stuff". I throw out the flyers into the recycle bin as soon as they arrive. No more temptation to purchase things "on sale". It just separates you from your money.

@jackconnolly2665 3 года назад

I have tried to watch a couple of your videos but I prefer people that cut to the chase. Im not judging you, just stating my preferences. The most valuable older people have is time so I like to get to the point. Thanks, John

@donnacali2340 5 месяцев назад

Nice to meet you! I'm glad I found this! !Thank You

@deb4746 2 года назад

You have the most soothing and comforting speech pattern while sharing valuable information. I just subscribed because of it. Thank you and the “”Holy Schmidt “ is priceless!

@stuartjames1862 Год назад

I admire the financial independence of people, But you can live better if you work a little more. After watching this I think there are people out there, on the extreme, who plan to die early just to be able to retire early. To each their own but to me retirement isn't just about not having to work, it's about having the freedom to do whatever you might reasonably want, such as travel, buying things, enjoying life, etc. I don't think I could retire with less than $3m in income-generating investments, maybe $2m at the very minimum. I plan to work until I'm at least 45

@danieljamal3709 Год назад

Nobody knows anything, you need to create your own process, manage risk and stick to the plan, through thick or thin while also continuously learning from mistakes and improving

@helenoliver4838 Год назад

Having an investment adviser is the best way to go about the market right now, especially for near-retirees, I've been in touch with a coach for a while now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I netted over $220K during this dip, that made it clear there's more to the market that we avg joes don't know

@devdaniel3225 Год назад

Who’s the person guiding you

@helenoliver4838 Год назад

credits to *MARTHA ALONSO HARA* , one of the best portfolio managers out there. she's well known, you should look her up

@devdaniel3225 Год назад

Thank you, I just checked her out and I have sent her an email. I hope she gets back to me soon.

@larrysherk 3 года назад

This whole "problem" is an artificial product of American lifestyle. I have been living comfortably and maintaining a vehicle on Social Security alone since 2002. At the same time I have saved a few thousand for a rainy day.

@vickiewilkins1579 3 года назад

What advice would you give the rest of us on how to live and save on social security alone.

@lindanorris2455 2 месяца назад

I LOVE THE FILM UP IN THE AIR!!! DESPERATE FIL WITH GREAT ACTORS!

@punkkimiko 3 года назад

Thanks for the tips. My mom is 59 and in this situation.

@stevesmith2770 3 года назад

Fantastic video as usual, Geoff! Thank you for your excellent advice while also remaining non-judgemental. Lots of us got caught up in the "keep up with the Jones" trap when younger.

@michaelflinn2791 3 года назад

I'm 58, with no savings because Im dumping it all into paying off my house..I have 12 payments left. I'll be totally out of debt. Id rather work than retire. it gives me purpose. I cant imagine not having a job to go to every day. I really enjoy it.

@veravero5715 3 года назад

What job do you have?

@michaelflinn2791 3 года назад

@@veravero5715 I drive a 300 mile rural route mostly farmers and ranchers, for a company thats like UPS only smaller.. I only have about 6 or 7 stops, so most of it is driving.. Its a great job, no traffic, no stress. no heavy lifting, Just driving and listening to the radio and thinking about those 12 payments I have left..well 11 now, I just walked to the post office yesterday with Mays payment.

@veravero5715 3 года назад

So glad for you Michael, I wash I can do same, I do mot want stress but it is everywhere that it why I want to find job where you do not loose your own health because the med bills are crazy, wishing you happiness in your own almost Home. Thank you for the reply.

@michaelflinn2791 3 года назад

@@veravero5715 Don't give up, Look for employment that fits your needs, even if you have to take a cut in pay. Your health and happiness is more important than a larger paycheck. I wish you the best.

@hardin54 3 года назад

Congrats on being totally debt free including your home - u rock ! God bless always !

@july713x3 3 года назад

Thank you! Very informative.

@dtr579 2 года назад

I'm 53 and often feel I'm way behind in retirement savings because I didn't start saving until I was 40 years old. I had nothing before that, but I really started to work my plan and can say I feel better today. We all can do it if you give yourself a solid 10 years of being invested in your savings plan. I am closing in on $400K in retirement savings and a paid off house in 40 months. If I can do it, you can do it because I was in your boat not that long ago.

@septembersapphire347 2 года назад

Great job Daniel, sounds like you're on the right track to a comfortable retirement. Hopefully your health is good so you can enjoy it all the more.

@EtheReal388 2 года назад

May I ask what you do for a living? I’m 45 and I’ll be honest. I’m afraid. Very afraid.

@dtr579 2 года назад

@@EtheReal388 I work in outside sales, but when I first started investing I only did $100 per paycheck. Then I went to $200 and gradually just kept going up until I was not missing the money and can still pay my bills. This method works the same if you start with $25 or $50 a paycheck. You will be amazed how much you'll have after 5 years. You will be like, how in the world did my account grow so fast. I'm still amazed at what I have accumulated in 10 years after starting from nothing. You can do it, just start. Betterment is a good company to use.

@EtheReal388 2 года назад

@@dtr579 thank you for sharing. I will let go of the shame and just get started.

@dtr579 2 года назад

@@EtheReal388 great! You will be glad you did. You are still young and have 20 years you can save. You can have a lot of money by then, just by investing $100 - $200 a month.

@toms641 3 года назад

Rule #1 - spend less than you make. The first year I was married (31 years ago), my wife and I bought a house. But we knew we were in a precarious situation. So we decided not to run the heat for the first winter. Minimum on the Thermostat was 50 Farenheight. So, my wife wore a winter coat in the house. I wore a heavy sweatsuit. Same stuff, over many years Now, we are both retired, no debt. We live in a 55+ community. *** When you borrow money, you are just bringing future spending into today. Reverse that (save) and you are building your spending ability in the future.

@sct4040 2 года назад

I started to save and invest since I was 30, now at 63 retired with no mortgage. The highest monthly expense is medical insurance. Advanced planning is the key, but it's never too late to become financially responsible. Cut back, be frugal, sell your things, stuff doesn't make you happy. Being frugal gives you peace of mind.

@sasw77intwo 2 года назад

I wish I had been disciplined like you. I will be ok but I am still working for a bit before retiring. I want to but l am honestly afraid to

@boondoggle4820 3 года назад

I differ from most people apparently in that my only concern is what I’m satisfied with. I don’t compare, contrast or compete with other people. When I make purchases, my goal is to spend the least amount of money for my satisfaction point, which is subjective and is going to be different for every individual. Luckily I have fairly moderate tastes, lol.

@vickifrederick2934 2 года назад

I really respect and appreciate your desire to help others! Retired St Jude nurse

@barryhamilton7499 3 года назад

Found your channel a couple of months ago. Very good and useful information. Subscribed and looking forward to your next one. Turning 60 this year and learning and using your insight. Thanks and keep them coming.

@HolySchmidt 3 года назад

Thanks for subscribing and watching!

@jeanshoults573 Год назад

A few years before retirement my husband and I lived on just one of our salaries and put the other in savings. Both retired now living on his SS plus a small portion of my annuity. No debt and we're doing fine.

@triples4good 2 года назад

Just found your channel. Fantastic. I'm looking at retirement within the next year and I think this video offers alot in the way of planning and recourses that will be very helpful. Subbed.

@birunz 7 месяцев назад

I wanted to thank you for this information. So many "advisors" tend toward those who already have sufficient income, i.e., 6 figures. Thank you for not talking down to to those of us who are not in that tax bracket

@rogilynyasol7715 3 года назад

I'm glad at the age of 23 ....I knew it already... Thank you for educating us about saving

@Remo1147 2 года назад

You’re cute

@thedoor5442 2 года назад

Don't just save, Invest! use s & p index funds.

@christiannacolbert5603 3 года назад

I just want a nice house with a decent yard in a good neighborhood, a dependable car (already have that - the car only, wishing for the other things), and no financial struggles. Who cares about competing with other people for things and status? Ugh, that must be exhausting... you can't enjoy what you already have if you're thinking that way.

@scottdean8576 8 месяцев назад

Thanks for this information. IT really is helpful in determining the best time for me to retire.

@dorothywade1277 2 года назад

Great information thank you

@michaelguillot8242 3 года назад

Excellent video, thanks for the insight

@HolySchmidt 3 года назад

Thank you!

@andre1987eph 3 года назад

Play at 2x speed to keep your sanity.

@Mexicobeanpole 3 года назад

Nope. Love his delivery and his voice.

@fatima-zahrakajji4821 3 года назад

I thought this was a joke until I did it and appreciated how this speed level matches my ADHD! THANK YOU

@alicehong7809 3 года назад

At speed 2x I thought it was normal speed. I also have ADHD. Lol.

@fatima-zahrakajji4821 3 года назад

@@alicehong7809 me too

@MJA5 3 года назад

"Up in the Air" was set in Omaha, at least the protagonist lived there. "All About Schmidt" was also set in Omaha. Then this channel, "Holy Schmidt" I wonder if there is a connection. My wife is from Chile, I would say that Chile is not quite as expensive, but still not cheap. I speak the language and know Chile very well, from Arica in the North to Punta Arenas in the south. It is a great place. Great information, thanks for the video!

@richardc488 2 года назад

Thanks Schmidty!

@russelkester2798 3 года назад

Ya just gotta like this guy. He gives great, sensible advice. I really needed this one!

@b.l.8611 3 года назад

Why don’t schools teach financial planning in school? This is beyond me. Kids need to learn the value of $$$ in grade school. I was fortunate to have loving parents - however they both lived through the depression and wars. They both said to save 10% of your paycheck for retirement. I’ve always tried to educate myself about not over-spending and saving. The best thing I ever did. I’m 66 financially independent. I choose to work because I enjoy it. I plan on retiring at 70 with no debt.

@darlenepaul2918 3 года назад

Experts are now advising 15%-20% not 10% its not enough!

@acajudi100 3 года назад

If you can read, you can teach yourself,

@b.l.8611 3 года назад

@@darlenepaul2918 I agree. However, I started at 10% in Retirement. Started buying RE at 22 Years old. I tell young kids to put $30K into a 401K by the time they are 30 - they will retire with over $1M in their account, based on compounding interest.

@lotsofthisandthat9791 3 года назад

Government schools don’t want t9 teach, but indoctrination. Broke seniors are easily manipulated.

@AriellaGuridy 3 года назад

It´s a great idea. Financial planning should be an important class for the kids.

@lionheartroar3104 2 года назад

Best way to build a fast nest egg... work your regular job ,live within your means and side job for cash

@laurab2141 3 года назад

Thanks for your videos. I’ve learned a lot from you and I feel more secure about the future by practicing what I’ve learned.

@jamescalifornia2964 3 года назад

He is the best there is 👌

@veramonique1724 2 года назад

Investing in the stock market is the most common way for beginners to gain investment experience.

@danieljamal3709 2 года назад

The decision to invest is an acknowledgement that it comes with certain risks. Not all investments will do well and some may lose money. However, without risk, there would be no opportunity to potentially earn the higher returns that can help you grow your wealth.

@veramonique1724 2 года назад

Remember, diversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline. Because investing can be complicated, consider working with a financial professional to help guide you on your wealth-building journey.

@devdaniel3225 2 года назад

who would you endorse ?

@veramonique1724 2 года назад

Vivian Klaine Morgan

@veramonique1724 2 года назад

I’ll recommend Vivian Klaine Morgan for you, her strategies is working for me for months now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy

@tonyochoa7097 3 года назад

Never use credit,always pay in cash-buy only what u need,prepare your own meals,pay cash for your car,drive what u can afford to pay cash for,and remember,if you have your health,that is the greatest blessing of all!

@MrWelfarehater 2 года назад

Of all the videos that I have watched on financial literacy. Mr Schmidt I honestly have to say yours is the best. Why? It is realistic. Saving is not enough, never has been. Ironically having the habit of saving at least 10 percent (although I am always broke I tithe and save 15 percent) is the difference between poverty and security. Developing a marketable skill is genius. I originally planned to work in security or the super market after I turned 65, 8 years away. I may go back to school (my employer will pay for it) and become a mechanic or plumber. I originally thought this was one of the pie and sky invest money I don't have into an ETF at 7 percent compounded until I was 90 while consisting on pork and beans while working 3 jobs.

@ajashley3015 8 месяцев назад

LOVE “Up in the Air” - my favorite!!

@albertdowrn 3 года назад

Watched this episode even though it doesn't apply to my situation, great advice and tips!

@danielmclaughlin6235 3 года назад

Sounds good for most people guess most money I ever made was 26,000. A year I own My own home and have very little debit I also get a lot of nessity on barter system I took social security at 62 never had any money All my life May as well get what I worked for soon as I can we are not promised another day of life just the grace of God 🙏

@sammencia7945 2 года назад

The 20 year olds at gas stations earn $35-40k a year in 2022.. How could you earn $12/hr in 2022? It isn't possible.

@danielmclaughlin6235 2 года назад

@@sammencia7945 you won't find anyone in my area working at gas station getting 12.00 and hour 8.50 to 9.00 hr tops if you're a manager you might get 11.00 or you can drive 30 miles to Walmart and they are hiring at 12.00 hr now

@nancylyon-gray3499 Год назад

I love your videos so much! You are so helpful. Thank and bless you! The thing that is killing me (paid cash for my $1M home and my car) is my taxes and insurance. I can barely keep up with this.It's insane. And yes, I'm looking for employment. We are renting our apartment in the basement for $2,000 per month but we need $6K per month just to run the house.

@tommajor3832 8 месяцев назад

Thank you Jeff!!!

@HolySchmidt 8 месяцев назад

You are welcome Tom

@paulgordon9648 3 года назад

I think I'll retire and live off my savings . I don't know what I'll do next week .

@charlenelaguer7072 3 года назад

A truly valuable video! Thank you so much for this great financial wisdom here. I can now look forward to retirement with more resources at my disposal while engaging in a 2nd or even a 3rd source of income! Keep posting great content!

@trasation1774 3 года назад

Thank you!

@HolySchmidt 3 года назад

You bet

@andyandcallie 2 года назад

I took on transcriptionist jobs--you listen to recordings on the internet (court proceedings, jail calls, legal proceedings, etc.) and type them into whatever format they want--from home, no less. I have four of these jobs and I've pieced together a small income. At 65, with zero savings, it's all I can do. Luckily, I know how to type!

@marsflee3815 3 года назад

Leave it to a financial guru to prove The Bible right. Happiness does not depend on having the latest things. "Even when a person has an abundance his life does not result from the things he possesses.” (Luke 12:15) This guy is giving good advice.

@bryancondrey6457 3 года назад

Had savings. Burned it all up keeping my wife alive.

@Gothiqueluv 3 года назад

I'm so sorry. Hopefully she is doing well now.

@Mexicobeanpole 3 года назад

I’m so sorry. Fact of life with health care in America, I hope you’re both doing well now.

@xoxxobob61 3 года назад

Absolutely disgusting to hear that Bryan! Nobody should have to lose their Life savings to a Insurance company over Healthcare costs.

@lindap.p.1337 3 года назад

You did the right thing. How could you ever spend it in a better way? I hope you still have some assets that could be liquidated for you, if needed.

@christams8863 3 года назад

You should set up a go fund me account. I know there are generous and compassionate people out there who are willing to help!

@jimsimpson9410 3 года назад

Jeff, you do a very good job, I have to tell you.

@HolySchmidt 3 года назад

Thanks Jim, I appreciate the encouragement and knowing I make a difference. That is a big part of why I do this.

@lovelytarbaby Год назад

I'm doing it! I decided to try and pay off my mortgage in 4 years. I'm 68, on SS and a pt job. The last few months I've been saving my job income and living off my SS. It's been a little tough but I'm doing it and increasing my savings. In 4 years, I'll decide whether to pay off my mortgage, or keep the savings for retirement. If all goes well, my savings should be about 95k at that time. My house payment is under $500 so I should be able to swing it with SS & my savings if I decide not to pay it off and hold on to my cash.

@eckankar7756 3 года назад

When I was younger and I'd drop a piece of meat on the kitchen floor I'd toss it in the garbage, now that I'm close to retirement I pick it up and rinse it off.

@vickiewilkins1579 3 года назад

🤣🤣🤣🤣

@morganmerritt5006 3 года назад

Some people never make enough to play the keep up with the jones game were happy if we can make rent and buy food that month.

@jennifers6435 8 месяцев назад

Great Schmidt!

@wishingb5859 2 года назад

For me, the fly in the ointment was that in my late 50's my house needed every kind of update. Windows, doors, roof, siding, electricity, plumbing, flooded basement requiring waterproofing, and all of my appliances died within a year. I had no choice about it, my house would be falling down around me but I used up most of my savings. I didn't do cosmetic things like the kitchen cabinets and floors but I did get solar panels and have gotten rid of my electric bill and cut my oil heating bill down to almost nothing. I don't have a rent or mortgage or any debt and now I don't have big utility bills but I also don't have much savings. I do have almost a $20,000 HSA and some in savings but I am closer to the broke at 60. That is why your video got my attention.

@michaellincoln3739 3 года назад

I saved for retirement and did all the sensible things with very few holidays. But the big elephant in the room is "seniors divorce". At 63 I was retrenched from my job and a month later my wife divorced me and took more than half my savings. At 65 I have health issues, still unemployed and no money left. So much for my saving program.

@lm7092 3 года назад

I’m a divorced woman who is in similar situation. I can’t work due to chemo. Not old enough for Medicare, and buying medical insurance and paying bills is going to break me. Fight for universal Medicare.

@michaellincoln3739 3 года назад

@@lm7092 So sorry to hear your situation. Universal Medicare should be in the Bill of Rights as a basic human right.

@princessunicorn669 3 года назад

@@michaellincoln3739 Then by all means move to a communist country like Cuba, Venezuela or North Korea…Personally, I don’t believe Doctors should be forced to work as slaves, they deserve good pay for the years of studying hard and not forced by a Government at gun point to take care of others for low pay. Unless they volunteer to do so.

@TT-fq7pl 3 года назад

@@princessunicorn669 Don't be so ridiculous. I live in Canada. Not communist, and a great universal health care system that most doctors, because they care about people, wholeheartedly support.

@kipincharge2833 2 года назад

@@princessunicorn669 Australia has a good public private system---for all the brainwashed by corporate overlords-the USA has the most expensive "healthcare" with the worst outcomes

@dcmsr5141 3 года назад

Great video scared to death literally about retirement just subbed

@kenyonbissett3512 3 года назад

I posted a lot of suggestions and ideas under the Lisa Bennett post. Take a look, no scams or affiliate links, etc. just ideas and a few resources.

@HolySchmidt 3 года назад

Welcome. Don’t be scared. Just get a simple plan and work your plan. See my retirement ready checklist on HolySchmidt.com/checklist

@christopherhennessey8991 2 года назад

My saving grace was the full pension I began collecting upon retirement at 55 and collecting Social Security benefits at 62.

@deltanine2468 3 года назад

I'm living in a tent, but it's paid for. The bicycle needs new tires and food has gone way up but I'm making do.

@tylervision707maul 3 года назад

At age 64 my retirement is now $900 a month almost but here in the Napa Valley California you can't even rent a room in somebody's house for that price so I'm moving to the Mojave desert in 2 weeks and my entire income will go to rent as always so there is no savings and there will be no saving you just have to go to the food bank and hustle a lot on the side to try to find food that people have thrown away to eat

@tylervision707maul 3 года назад

I've also camped outside for 5 months at a time to save money

@homeuser5951 2 года назад

See Bob Wells Cheap RV Living on RU-vid.

@PatrickIrelandsentienti 3 года назад

We are living on less and less money each year, but we are managing what we have well. The way in which you manage your money will take the stress out of living every day. If we know that we have $500 left from our income to pay all of our bills for the month, and for food, we are happy. That is what we are living on now, we live in the Philippines.

@MILGEO Год назад

I'm surprised that I hadn't seen this video as I just noticed it on the home page. I likely thought that it wouldn't apply to me. It's hard to believe that anyone would really find themselves in this position.

@livingyourbestlife711 2 года назад

Excellent, excellent advice! Best I've ever heard on YT! You know the Bible speaks more of "money management" than salvation? I just turned 60 in Dec. 2021, never thought I'd get here, however, my "backpack" has always been too full. I'm just now am starting to discard its contents. I make good money, but just don't sock it away nor invest it well except house maintenance and giving to the Lord's work! Plus, many people ask me for $ help (and I provide it). I plan to continue my side gig (Medic) part-time after getting my SS income well into my late 60s and 70s good Lord willing! I can wait to rest after I'm dead. Great advice Holy Schmidt and keep those vlogs coming!

@Mexicobeanpole 3 года назад

You make great videos. So appreciated.

@HolySchmidt 3 года назад

Thanks for the kind words!

@runwader 2 года назад

this is the kind of video (and there's many) that reassures me that retiring at 63 will be doable. nothing in my backpack

@HolySchmidt 2 года назад

Thanks for watching my channel!

@brightful5 3 года назад

Jeremy from Jersey just subscribed

@manuelbettencourt4213 3 года назад

100 years ago and before that there was no retirement for anyone unless you saved yourself and only a few did.

@dleatherman4539 3 года назад

One idea that I picked up (from the movie Going in Style 2017), was the retirees had worked together for years and were buddies, so some of them shared an apartment to cut corners. There are obvious caveats there but it's a solid option as well. Great content!

@HolySchmidt 3 года назад

Thanks for the comment!

@daves5716 3 года назад

If you're 60 with no retirement savings you're probably living paycheck-to-paycheck and unable to pay down debt. Sadly, this is where many people are - no savings, no 401k, no pension.

@uncareid5557 3 года назад

Paycheck to paycheck people usually have a drug or alcohol problem, a dog or three cats, top flight cable, enough money for cigarettes and are diabetic because they are obese. I knew two single moms who took very different paths. One cleaned houses so she would not lose hers. The other lived like a rich retiree until she burned through her six figure divorce settlement. She is now 71 and has gone back to work out of necessity. I worked my butt off for 45 years in construction and made hard choices. My truck is an '04. My wife's car is an '05. No debt. My little brother has been renting his entire adult life. He has "invested" over $150K in Marlboro cigarettes. My older brother never smoked and not only owns his home, he has a rental property.

@jamescalifornia2964 3 года назад

@@uncareid5557 - Sadly your little brother's investment will likely kill him ... 😞🚬

@uncareid5557 3 года назад

@@jamescalifornia2964 Yes, I will probably outlive him. Plus he is not good with his dental health. Bad teeth can make your whole body sick.

@jamescalifornia2964 3 года назад

@@uncareid5557 -- Very true. Best wishes to you 👍

@gusmonster59 3 года назад

@@uncareid5557 What a load of crap in your comment. A lot of people who live paycheck to paycheck are in lower paying jobs. Those things you listed just scream at how ignorant you are of other people and how the world works. There are loads of people who live paycheck to paycheck who are not on drugs, not obese, don't smoke, don't drink. don't have fancy cable or are diabetic.

@solitairestarr5516 3 года назад

Thank you! What nice kind presentation.

@rivkah.rebekah3933 8 месяцев назад

Thank you

@ohiopat 3 года назад

I like your advice. helping the algorithm

@janetbransdon3742 3 года назад

Being a new home owner in retirement I am currently making plans to run a bed and breakfast guest house.I will only need to use one of my bedrooms .I am lucky as I can close it off from the rest of the house, it is situated next to a bathroom and opens up to an outside seating area for smokers. This will supplement my retirement income.

@misst.e.a.187 3 года назад

All the luck in the world with your new enterprise.

@AriellaGuridy 3 года назад

Great idea!!!